Despite the suspect state of general conditions, I’m frankly surprised that the equity market isn’t screaming higher right here. The Fed’s been essentially tamed, earnings are coming in better than (albeit reduced) expectations, a soft Brexit, whenever it happens, is a done deal and all indications are that there’ll be a “phase 1” (fundamentally meaningless, but, then again, fundamentals are not remotely driving the equity market currently) trade deal signed come 11/29.
While I still see it happening, the fact that the market hasn’t been able to pierce the July high is puzzling...
Gold, on the other hand, and bonds are hanging in there. Now that makes longer-term fundamental sense… Maybe that has traders antsy??
Of course there’s all the impeachment noise as well… maybe, on the margin, that has traders hesitant… awfully soon in the process, and given the balance of power, you wouldn’t think it’s at this point much of a market mover.